San Miguel inks P554-B deal for toll road expansion
MANILA, Philippines – San Miguel Corporation (SMC) has signed an agreement with the government on a P554-billion expansion of its existing Skyway and other toll road networks.
The expanded road network will include the extension of the Metro Manila Skyway Stage 3 project and the Metro Manila Expressway or C6/Skyway Stage 4.
The agreement was signed between San Miguel’s infrastructure arm, San Miguel Holdings Corporation (SMHC), and state-run Philippine National Construction Corporation (PNCC).
“Within the next year or so, we hope that work can begin on the extension of SLEX, Skyway Stage 3 and C6. We have within our agreement all the extensions that will help us create an entire seamless network of roads and expressways connecting Metro Manila to neighboring provinces” SMC President and COO Ramon Ang said in a statement on Thursday, April 27.
“We will operate, between us, the most extensive network of Philippine tollways,” he added.
Ang was asked for comment on how his firm would fund the project but could not be reached as of posting.
SMC noted that the Memorandum of Agreement signing is a reiteration of the firms’ existing agreements.
SMHC and PNCC are joint venture partners in Citra Central Expressway Corporation (CCEC) and Citra Intercity Tollways, Incoporated (CITI), the concession companies of Skyway Stages 3 and 4, respectively.
PNCC's legislative franchise, allows it to construct, maintain, and operate the South Luzon Expressway (SLEX) and Skyway Stages 1, 2, 3, and all extensions, linkages or stretches from any part of the existing toll roads.
“PNCC is looking forward to exploring with SMHC the possible stretches, linkages and extensions that can be built from the tollroads of our existing joint venture companies. This augurs well for the recent extension of PNCC’s corporate life by another 50 years, which was directed by President Rodrigo Duterte,” said PNCC President and CEO Mario Espinosa.—Rappler.com